Voltage to CPU should remain stable. Modern power supply design uses active monitoring of output voltage to accomodate large and swift swings in current demands. Using 100KHz pulses, there a PSU should be able to react far quicker than the human eye can read a number. Plus, the DC-DC converters on the mobo smooths the demands even further so that the PSU should see much slower swings in demand.
Take home message: if you see large swings, you have a bad PSU or bad wiring/connections.
These power supplies are made for about $6-$14 deep in China, so they aren't exactly state of the art paragons of quality.
However, the swings you state really aren't big enough to hurt anything. If they swing 5% to 10%... then I'd be worried. All really voltage sensitive devices already have dedicated DC-DC converters that supply a more exact voltage to the component (e.g. RAM and CPU).
edit: spelling error
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